Tuesday’s Headlines: Uber Loses Its London Operating License

Tuesday’s Headlines: Uber Loses Its London Operating License

1. Ride-sharing leader Uber saw its stock fall more than 1.5% on Monday after it was stripped of its license to carry paying passengers in London, where it has over 45,000 drivers. Governing body Transport for London (TfL) said that it had “identified a pattern of failures by the company including several breaches that placed passengers and their safety at risk”, and that some journeys had been uninsured. Uber immediately responded that it would appeal the decision, which could lead to a delay in its enactment as well as months of court action. For the full story, read here

 

2. Wealth management firm Charles Schwab announced on Monday that it would acquire rival TD Ameritrade in a $26 billion stock swap, a blockbuster agreement brought about by massive disruption in the online brokerage industry. The transaction would add an additional 12 million client accounts to Schwab’s existing 12 million, $1.3 trillion in client assets and approximately $5 billion in annual revenue. The combined company will have more than $5 trillion in client assets under management, which may draw scrutiny from antitrust regulators. Catch the full story here.


3. Shares in eBay Inc rose more than 2% on Monday night following the news that it was selling StubHub to Swiss ticket vendor Viagogo for about $4 billion. Viagogo CEO Eric Baker co-founded StubHub while in business school but left before the ticket-selling company was sold to eBay for $310 million in 2007. eBay’s proceeds from the deal will be put toward stock buybacks, dividends and M&A investing, interim CEO Scott Schenkel told CNBC. Read a complete report here.

JamieJamie

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